January 15 – Employer’s Monthly Deposit Due – If you are an employer and the monthly deposit rules apply, January 15 is the due date for you to make your deposit for Social Security, Medicare and withheld income tax for December 2019. This is also the due date for the non-payroll withholding deposit for December …
Tax Blog
Understanding Tax Lingo – A Primer For Beginners
Understanding tax lingo certainly helps when discussing taxes, reading tax related articles or interpreting instructions on your tax return. To fully grasp the meaning of what is being said, it helps to know what the basic acronyms and words being used by tax professionals are. It can be difficult to understand tax strategies if you …
Repairing Your Business’s Bad Credit Score
The creditworthiness of your business is measured by its credit score. This number is issued by Dun & Bradstreet, Experian, Equifax, and FICO SBSS, and is an essential reflection of your company’s payment reliability and timeliness. Why is Your Business Credit Score Important? Your company’s overall financial health is of key importance to any lenders, …
Understanding Your Annual Social Security Benefits Letter
Increased Social Security Benefits If you are receiving Social Security, then you have just recently received your annual Social Security benefits letter from the Social Security Administration. This letter was to inform you that your Social Security benefits for 2020 have increased by 1.6 percent as a result of a rise in the cost of …
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Helpful Tax Tips For 2019
As the year draws to a close, we have pulled together a number of tax tips that may be beneficial, some of which need to be acted on before the end the of the year to be useful for 2019. Tips to reduce taxes this year Education Credit Since the American Opportunity credit for higher …
Is Your Will Up To Date? How About Your Trust?
When was the last time you or your attorney updated your will or trust? When did you last spend the time to even review those important documents? If it was before the passage of the 2017 tax reform legislation, or the Tax Cuts and Jobs Act (TCJA), your documents may be out of date. A …
How To Clean Up QuickBooks For 2020
Looking to clean up QuickBooks this year? Great! You probably have a lengthy to-do list full of tasks that must be done before December 31. However, there is one task that you should definitely add to that list: year-end QuickBooks cleanup. Following the guidelines provided here will do three things. It will: Ensure that you’ve …
Tax Benefits For People With Disabilities
Individuals with disabilities as well as parents of disabled children are eligible for a number of income tax benefits. This article explains some of these tax breaks. Disability tax breaks ABLE Accounts A federal law allows states to offer specially designed, tax-favored ABLE accounts to people with disabilities. Qualified ABLE programs provide the means for individuals and …
Take Tax Advantage Of A Low-Income Year
People generally assume that tax planning only applies to individuals with the big bucks. But think again, as some tax moves benefit lower-income taxpayers and those who are having a lower-than-normal income year. So, if 2019 is not producing a lot of income for you, or your income will be substantially lower this year than …
